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\begin{tabular}{lccc}
\multicolumn{4}{c}{By Group} \\ \hline
 & (1) & (2) & (3) \\
VARIABLES & Markup (bps) & Markup (bps) & Markup (bps) \\ \hline
 &  &  &  \\
3 & 21.60*** & 8.94** & 41.41*** \\
 & (3.72) & (4.14) & (5.76) \\
6 & 19.18*** & 6.45* & 34.90*** \\
 & (2.93) & (3.72) & (5.13) \\
9 & 12.77*** &  & 15.35*** \\
 & (1.73) &  & (2.11) \\
12 & 9.35*** & 4.50** & 11.06*** \\
 & (1.12) & (2.12) & (1.29) \\
18 & 14.70*** & 6.36* & 12.24*** \\
 & (4.38) & (3.62) & (3.94) \\
36 & 11.07*** & 1.00 & 20.48*** \\
 & (2.57) & (2.91) & (3.22) \\
60 & 11.43*** & 6.26* & 22.72*** \\
 & (2.62) & (3.71) & (3.47) \\
120 & 9.25*** & 6.75* & 10.62*** \\
 & (2.51) & (4.06) & (3.36) \\
180 & 16.87** & 9.51 & 18.00*** \\
 & (6.96) & (11.27) & (6.40) \\
360 & 30.40*** & 40.04*** & 18.65 \\
 & (7.42) & (8.88) & (14.97) \\
9 = o, &  & - &  \\
 &  &  &  \\
Constant & -32.16*** & -13.38*** & -43.26*** \\
 & (3.33) & (5.13) & (4.77) \\
 &  &  &  \\
Observations & 2,015 & 715 & 940 \\
 R-squared & 0.11 & 0.12 & 0.10 \\ \hline
\multicolumn{4}{c}{ Robust standard errors in parentheses} \\
\multicolumn{4}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
\end{tabular}
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